Coronavirus Impacts on Tax and Accounting

Governments across the globe are proposing extensions, exemptions, incentives, and other ways to ease the impact of the crisis. Here’s what you need to know to advise your clients or business.

Federal, state, and international tax practitioners have a lot of changes to track, as governments respond to the unprecedented impact of the coronavirus outbreak on individuals and businesses. The resources below cover everything from filing and payment extensions to other relief measures designed to alleviate the financial and economic fallout.

Tax Resources

REPORT

Federal Tax & Accounting Coronavirus Roadmap

Track the latest developments in federal tax and accounting changes as a result of Covid-19 with our roadmap.

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State Tax Coronavirus Roadmap

Explore the state-level tax implications of the virus for your organization or your clients with our exclusive roadmap.

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International Direct Tax Coronavirus Roadmap

Track the latest developments in international direct tax for both corporations and individuals with our Covid-19 roadmap.

Featured Event

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The Brave New World of Global Tax Event Series

In this three-part virtual event series, policy leaders and tax practitioners share practical insights on the latest developments and how to cope with uncertainty and complexity.

Financial Accounting Resources

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Financial Accounting (U.S. GAAP) Coronavirus Roadmap

Track the latest developments in financial accounting with our Covid-19 roadmap.

IN BRIEF

Asset Impairment Could Be Next Domino to Fall From Coronavirus Impact

One area of corporate financial reports that could see a material impact from the virus is long-term asset impairment. Here are some of the pressing questions companies should be asking.

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Financial Accounting (IFRS) Coronavirus Roadmap

Quickly navigate IFRS impacts stemming from the coronavirus and understand key components of relief programs, including the CARES Act.

NEWS

Bank Regulators Ease Accounting for Troubled Debt Modifications

Six banking regulators offered accounting relief to banks facing an onslaught of customer requests to extend loan terms or reduce interest rates due to the coronavirus.

NEWS

U.S. Audit Board Pauses Inspections Amid Pandemic

“This opportunity for a pause will give audit firms the time, resources, and flexibility to work through significant matters with their issuer and broker-dealer clients,” the board said in a statement.

INSIGHT

Coronavirus Triggers SEC Disclosure Obligations

Adele Hogan, partner at Nelson Mullins, says the known and unknown impacts of the coronavirus on earnings, supply chains, customers and other stakeholders, and other business matters are likely to be material for some companies and require disclosure.

PODCAST

Talking Tax

Talking Tax, from Bloomberg Tax, is a weekly discussion of the most pressing issues facing tax and accounting professionals. Each week the podcast features discussions with lawmakers, federal regulators, practitioners, and journalists. From the courts to Capitol Hill to the IRS, Talking Tax has it covered. Hosts: Siri Bulusu and Amanda Iacone.

Payroll Resources

IN BRIEF

Coronavirus Response Results in Payroll Changes

Keep up with payroll-related changes in response to the coronavirus outbreak, including income tax withholding, unemployment insurance, paid leave, and more.

REPORT

Payroll – State UI & Income Tax Withholding Coronavirus Roadmap

Track state activity regarding payroll-related changes to provisions on unemployment insurance and income tax withholding from employment income.

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Payroll – Federal Provisions Coronavirus Roadmap

Explore payroll-related provisions established by the federal government to provide relief to employers and employees in response to the coronavirus outbreak.

REPORT

Tackling the Coronavirus: Payroll Plays Its Part

Two major new laws containing payroll requirements are the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Families First Coronavirus Response Act.

REPORT

2019 Payroll Benchmarks Survey Report

Based on the results of our in-depth survey, this report covers payroll operations and functions, timekeeping, outsourcing, and incidents of fraud and data breaches.

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